14. What is the formula for the overhead efficiency variance? a. Actual hours - Standard hours. b. Standard hours - Actual hours. c. Actual hours / Standard hours. d. Standard hours / Actual hours. Capitol Inc. has a cash balance of $20,000 at the beginning of the month. The company expects to receive $80,000 from customers and make payments of $60,000 for purchases. 15. What is the estimated ending cash balance for the period? a. E30,000 b. $40,000. c. $70,000. d. $80,000. LMN Corporation's sales for the next quarter are estimated at $400,000. Collections from customers are 70% in the month of sale, 20% in the following month, and 10% in the second month. 16. Calculate cash collections for the first month. a. $280,000. b. E300,000. c. E180,000. d. E220,000. 17. Calculate cash collections for the second month. a. $60,000. b. $70,000. c. E80,000. d. $90,000. 18. Calculate cash collections for the third month. a. $20,000. b. $40,000. c. $50,000. d. E60,000. 19. A company's standard budget for direct materials is $2,000, and the actual cost is $1,800. What is the direct materials cost variance? a. $200 favourable. b. E200 adverse